ALBANY, New York, March 1, 2019 /PRNewswire/ --The global automotive coatings market has a highly fragmented vendor landscape, says Transparency Market Research (TMR) in a recently published report. This can be attributed to the presence of a large number of small- and large-scale companies in the market. Axalta Coatings, Valspar Corporation, Akzo Nobel NV, KCC Corporation are the top companies working in the global automotive coatings market.
Among the various business strategic alliances adopted by the players in the global automotive coatings market to stay ahead of competitors, mergers and acquisitions with smaller firms has paid off the most. The global automotive coatings market is expected to grow steadily due to the existence of medium-sized players who are collaborating with larger firms to receive better business opportunities. These players are highly investing in manufacturing various forms of automotive films to stay abreast with the propensities and latest trends of the market.
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According to experts from TMR, the global automotive coatings market stood at US$19.53 bn in 2017 and is expected to gain an impressive revenue by the end of 2026. Experts project this growth to occur at a promising 6.28% CAGR during the forecast period from 2018 to 2026.
Among the various products in this sector, growing demand for polyurethane is expected to boost the global automotive coatings market. This is because of their excellent resistant properties against abrasion and corrosion. Region wise, Asia Pacific is expected to account for a leading share in the global automotive coatings market in the coming years. This is attributed to a flourishing automotive industries in the region and also rapidly expanding automobile manufacturing hubs.
Growing Demand for Light Vehicles to Fuel Market Growth
Automotive coatings are a special type of coating which are used as a protection against ultraviolet rays and other mechanical abrasion. Such coatings exhibit superior properties in providing protection against harmful rays and normal road hazards. Automotive coatings are mostly applied on the surface of vehicles for improving vehicles' durability. These coatings are available in a wide range of aesthetic appeal and designs, which further enhances their adoption in heavy duty vehicles and passenger cars. All such benefits are believed to highly drive the global automotive coatings market.
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Furthermore, a flourishing automotive industry worldwide coupled with rising demand for quality vehicle maintenance is also fueling the global automotive coatings market. Along with all these factors, growing working population coupled with owning personal vehicles, rising sales and production of automotive vehicles are also projected to propel the global automotive coatings market.
Strict Norms about VOC Emissions Hinder Market Growth
A few challenges hindering the growth of the global automotive coatings market are high use of solvent-borne automotive coatings, and risks associated with this use such as formation of ozone. Nonetheless, the persistent demand for the coatings thanks to their availability in various textures and colors for enhancing the esthetic appeal of vehicles is believed to help overcome these challenges in the near future.
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The review is based on a market research report by TMR, titled, "Automotive Coatings Market (Product Type - Polyurethane, Epoxy, Acrylic; Technology - Solvent-borne, Water-borne, Powder, UV-cured; Coat - Clear Coat, Basecoat, Primer, E-coat; Application - Automotive OEM, Automotive Refinish) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026".
The segmentation of global automotive coatings market is based on:
- Others (including Melamine, Saturated Polyester Resin, and Alkyds)
- Clear Coat
- Automotive OEM
- Automotive Refinish
- Rest of Latin America
- Russia & CIS
- Rest of Europe
- South Korea
- Rest of Asia Pacific
Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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SOURCE Transparency Market Research